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The risk is that the deficit is rather worse than the market is looking for and if that's the case it may swing the focus back to structural dollar negatives and away from the interest rate focus.
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Adam Cole
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The yen did gain on the inflation numbers initially. It then took out some key levels and we saw a massive bout of short-covering in dollar/yen.
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Adam Cole
The market is increasingly seeing a risk that the Fed pauses in its rate cycle -- not only that but also the peak in the interest cycle will be considerably lower.
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Adam Cole
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